The Philippine Securities and Exchange Commission issued an order imposing an administrative fine of PHP 50,000 on Global Dominion Financing, Inc. for unfair and abusive debt collection practices. The SEC Financing and Lending Companies Department found violations of Section 1(A), (B), and (H) of SEC Memorandum Circular No. 18, Series of 2019 and Section 4.4(A), (B), (H), and (I) of the implementing rules and regulations of Republic Act No. 11765, the Financial Products and Services Consumer Protection Act, and admonished the firm to comply with consumer-protective collection standards, warning that repeat conduct could lead to higher penalties, suspension, or revocation of its certificate of authority. The case arose from a borrower complaint alleging that third-party collection agents intercepted him on the road to demand payment and sent text messages and communications pressuring immediate partial payments and intimating adverse consequences for non-cooperation. The SEC held that intercepting a borrower on the road without a court order or other lawful authority is not a legitimate collection practice and can intimidate, restrain, or coerce, and that the communications were intended to deter regulatory recourse and undermine consumer protection mechanisms. The order also stressed that the company cannot avoid administrative liability by attributing prohibited acts to collection agents, citing a framework of solidary responsibility between regulated entities and their accredited third-party service providers.

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